https://www.taxtmi.com/caselaws?id=356232 The tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeal. The rejection of the assessee's books under section 145(3) of the Income-tax Act was deemed unwarranted as no evidence of bogus expenditures or understated sales was found. The estimation of net profits at 25% of total sales was also rejected, with the tribunal noting that the assessee had consistently followed the percentage completion method and that discrepancies were not significant. The CIT(A)'s order disallowing a lesser amount in labor expenses than estimated by the AO was confirmed. en-us Thu, 22 Feb 2018 00:00:00 +0530 Tue, 27 Feb 2018 18:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356232 The tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeal. The rejection of the assessee's books under section 145(3) of the Income-tax Act was deemed unwarranted as no evidence of bogus expenditures or understated sales was found. The estimation of net profits at 25% of total sales was also rejected, with the tribunal noting that the assessee had consistently followed the percentage completion method and that discrepancies were not significant. The CIT(A)'s order disallowing a lesser amount in labor expenses than estimated by the AO was confirmed. Case-Laws Income Tax Thu, 22 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356232